DTN Closing Livestock Comment 09/29 16:22

DTN Closing Livestock Comment 09/29 16:22 Most Hog Futures Close Sharply Higher in Face of Prospects for Record Production For the most part, lean hog futures closed with triple-digit gains thanks to late-week short-covering and ideas of strong export demand in 2018. The cattle complex closed mixed in the live trade and moderately lower in the feeder market. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Moderate cattle trading surfaced in parts of the North Friday. Dressed sales were mostly marked at $172, $1 to $2 higher than last week's weighted average basis Nebraska. Some live business in Nebraska and Iowa was marked at $108, $1 lower than last week's weighted average basis Nebraska. The National hog base closed up $0.54 compared with the prior day settlement ($42.00-$49.50, weighted average $47.75). From Friday to Friday, livestock futures scored the following changes: Oct LC off $2.47; Dec LC off $2.17; Oct FC off $3.88; Nov FC off $3.62; Oct LH off $0.30; Dec LH up $3.33. Corn futures closed 2 to 3 cents higher, thanks to spillover buying from the bean market and a Sept. 1 corn stock total that was somewhat smaller than anticipated. Having said that, the corn stock total (2.295 billion bushels) was the largest seen in 30 years. The stock market closed higher with the Dow up 23 and the Nasdaq up 42.